Nasdaq, S&P 500 Turn Negative After Alibaba Debuts

The Nasdaq is leading markets lower after Alibaba made its public debut.

The tech-heavy Nasdaq was down 18 points, or 0.4%, and the S&P 500 also turned negative, falling 1 point or about 0.05%. The Dow was still higher, up 24 points.

The big story on Friday is the market debut of Alibaba, the Chinese e-commerce giant, which priced its IPO $US68 on Thursday night and opened for trade at $US92.70 on Friday.

Alibaba shares traded as high as $US99 before pulling back to a more stable price near its debut price.

At $US92.70 per share, the company raised a record $US29.7 billion and had a market cap of $US228.5 billion. This was also a 36% increase from its IPO price.

Yahoo shares were also in focus on Friday, as the company sold about $US8 billion of its stake in Alibaba in the IPO, and after opening higher on Friday, Yahoo shares were down by as much as 3%.

By virtue of making new all-time highs on Thursday, any positive close for the Dow and the S&P 500 on Friday will mark a new record.

On Thursday, Scotland voted to remain part of the UK, sending the British pound higher against all major currency pairs.

Also on Thursday, Oracle CEO Larry Ellison announced he would be stepping down from that role and taking the role of executive chairman and CTO at the company. Oracle named both Safra Catz and Mark Hurd as CEO.

In afternoon trade on Friday, Oracle shares were down 4.5%.

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